PERILS Revises Loss Estimate for UK Floods from Storm Desmond to $861.4M

The insured property loss estimate for floods that hit the UK from Dec. 4 to 24, 2015, following Storm Desmond and other low pressure systems, has been revised to £597 million ($861.4 million), according to PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data.

This compares to the second loss estimate of £662 million ($955.2 million), which was issued by PERILS on Mar. 4, 2016.

Storm Desmond was the most prominent of a series of depression systems, which affected the UK in November and the first half of December 2015. It brought record-breaking rainfall mainly to the Northwest of England with the floods peaking on Dec. 5-6.

The third PERILS loss report for the “Desmond Floods” contains loss data by CRESTA zone (area code), broken down by residential and commercial property lines. It is the first time that a detailed market loss footprint for a UK flood event has been made available, said PERILS in a statement.

“As such, the loss footprint can be used to test modeled loss footprints and assist in improving flood risk assessment for the UK,” added the agency.

In addition to the “Desmond Floods” report, PERILS said it will release its third loss report for the UK floods “Eva-Frank” in three weeks’ time.

Subscribers to the PERILS Industry Exposure & Loss Database can access more information on the “Desmond Floods” in the “Industry Loss” section of the PERILS Portal.

PERILS was formed in 2009 to aggregate and provide industry-wide catastrophe insurance data in order to increase market understanding of such risks.

Source: PERILS